VANCOUVER, Aug. 29, 2018 /CNW/ - Fireswirl Technologies
Inc. (TSXV: FSW), "the Company",
today announced its financial results for the second quarter ended
June 30, 2018. All figures are
quoted in Canadian dollars. Financial statements and accompanying
MD&A are available on SEDAR.
Financial Highlights for Q2:
- For the three months ended June 30,
2018 ("Q2 2018"), total operating revenue was $nil compared
to $121,338 for the same period in
2017 ("Q2 2017").
- Net loss for the period decreased $496,488 to $292,958 in Q2 2018 compared to $789,446 for the same period in 2017.
- The Company had a total loss attributable to shareholders of
the Company of $266,735 in Q2 2018
compared to a net loss of $631,808
for the same period in 2017. The decrease of loss is mainly because
the reduction of general administrative expenses.
"We have faced an inventory restructuring from the property
development market in Q2 while our major property development
clients were trying to liquidate their current assets before
introducing new projects," stated Henry Au, CEO. "This pushed
our new VX installations into Q3 which delayed our new development
and deployment projects. Our clients have completed their
restructuring and should see new project opportunities open
up."
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) is focused on creating
transactional revenue by engineering electronic and mobile commerce
solutions for content providers. The Company's technology has broad
applications for solutions requiring multiple payment interfaces,
multicurrency and multi-language capabilities. Our solutions can be
adapted to any industry seeking high volume or micro-payment
solutions involving a wide base of users through internet or
wireless applications.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Fireswirl
Technologies Inc. with respect to its performance, business and
future events. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, those relating to changes in the market, potential
downturns in economic conditions, foreign exchange fluctuations,
general demand, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. Fireswirl Technologies Inc. does not undertake
any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.
SOURCE Fireswirl Technologies Inc.